The euro hit four month highs against the U.S. dollar, as Europe’s growth prospects improved after Germany’s proposed 500-billion euro infrastructure fund, potentially offsetting global trade tensions. The single currency is up nearly 3.7% this week, already on track for its best week since November 2022.
The Euro-Dollar pair exploded 1.4% in the last session. The Ultimate Oscillator is giving a positive signal.
Support: 1.0466 | Resistance: 1.1027
Global benchmark Brent was down nearly 3%, recovering slightly from a three-year low hit earlier in the session, after U.S. crude oil stockpiles posted a larger-than-expected build, adding a further headwind as investors worried about OPEC+ plans to increase output in April and U.S. tariffs on Canada, China and Mexico.
After a 4.0% dip during the last session, the Oil-Dollar pair closed with a 2.5% drop. The ROC is giving a negative signal.
Support: 61.942 | Resistance: 70.402
A trade group representing nearly all major automakers warned that new 25% tariffs on imports from Canada and Mexico imposed by U.S. President Donald Trump will lead to drastic price hikes.
The euro rallied against the U.S. dollar, hitting it’s three-month high after Germany’s conservatives and Social Democrats announced proposals to set up a 500 billion euro fund for infrastructure and overhaul borrowing rules aimed at increasing defense spending.
The last session saw the Euro gain 0.9% against the Dollar. The RSI is giving a positive signal.
Support: 1.0389 | Resistance: 1.0755
Wall Street’s main indexes fell, with the tech-heavy Nasdaq on course to confirm a correction, as investors feared that an escalating trade war between the U.S. and its partners could damage the country’s economy.
TSMC CEO announced the Taiwanese semiconductor company plans to make an additional $100 billion investment in the United States and build five additional chips factories in the coming years. They announced the plan in a meeting at the White House with President Donald Trump.
